Status
PILOT
Indonesia
Indonesia Digital Rupiah (Project Garuda)
According to Bank Indonesia disclosures and linked sources, this profile records status, architecture, and capability fields for Indonesia Digital Rupiah (Project Garuda).
Program Snapshot
Current status fields and timeline data from the profile record.
Type
WHOLESALE
Program classification
Wallets
Not listed
Annual Volume
Not listed
Status and Timeline
| Field | Value |
|---|---|
| Announced | 2022-01-01 |
| Pilot start | Not listed |
| Launch | Not listed |
| Last verified | 2026-04-22 |
Availability
- Retail
- research
- Wholesale
- pilot
Central Bank
Bank Indonesia
Technical Profile
| Attribute | Value |
|---|---|
| Type | Wholesale |
| Architecture | two-tier |
| Access model | account based |
| Technology base | dlt |
| Legal tender | pilot only |
Capabilities
offline payments: No
programmability: Yes
cross border: No
interest bearing: No
transaction limits: Yes
Cross-Border Projects
No cross-border project entries are listed for this profile.
Recent Updates
According to Bank Indonesia (BI), the Digital Rupiah is being developed under Project Garuda as part of the Indonesian Payment System Blueprint 2030. The project follows a structured three-phase approach: Immediate State (completed), Intermediate State (in progress), and End State (long-term vision). The Immediate State focused on wholesale CBDC design, with a proof of concept conducted from July 2023 to August 2024 using permissioned distributed ledger technology. Bank Indonesia published a white paper on the Digital Rupiah in 2024, outlining both wholesale (w-CBDC) and retail (r-CBDC) approaches. The wholesale CBDC is prioritized for interbank transactions and large-value transfers between financial institutions. Governor Perry Warjiyo emphasized that the Digital Rupiah aims to safeguard the Rupiah's sovereignty against private cryptocurrencies and stablecoins. BI has set long-term liquidity targets including Rp81 trillion in daily money-market turnover by 2030.
Updated: Apr 22, 2026
Reference Answers
Is Indonesia's Digital Rupiah already live, or is it still in proof-of-concept work?
high confidenceAs of 2026-04-21It is not live. Bank Indonesia says Project Garuda completed the first proof-of-concept stage for the wholesale cash ledger, which supports the registry's pilot/exploration classification rather than a launch label.
Bank Indonesia's December 2024 materials make clear that the completed milestone was a proof of concept for the immediate-stage wholesale Rupiah Digital cash ledger. That is meaningful progress, but it is still a controlled development milestone rather than a production rollout. The registry therefore keeps Indonesia in pilot status with a wholesale focus and without integrated public metrics.
- Bank Indonesia completed the first proof-of-concept stage in December 2024.
- The completed work focused on the wholesale cash ledger in the immediate stage.
- The evidence reviewed here does not establish a live public Digital Rupiah launch.
Citations
- Garuda Project Proof of Concept, New Chapter of Digital Rupiah Explorationcentral bank · T12024-12-13
- Project Garuda: Navigating The Architecture Of Digital Rupiahcentral bank · T1
Open Questions
- This answer should be refreshed when Bank Indonesia publishes the next concrete post-PoC implementation milestone.
Caveats
- Project Garuda is progressing, but the verified milestone here is still a proof-of-concept result.
Related CBDCs
Sources
Sources
Last verified: 2026-04-22
Project Garuda Proof of Concept Report - Bank Indonesia
central bank
Central Bank Digital Currencies: What Are They Good For? - Bank Indonesia
central bank
Bank Indonesia Publishes White Paper with Focus on Wholesale CBDC - CoinGeek
news
Published White Paper on CBDC for Indonesia - Digital Policy Alert
news
Indonesia's Central Bank Advances Digital Rupiah Trials - Indonesia Crypto Network
news
Indonesia Digital Rupiah Tracker
tracker